Alternus has signed a binding purchase agreement to acquire the ready-to-build (RTB) projects. The projects are in mid-development and are expected to achieve RTB status in the second and third quarters of 2023, subject to appropriate clearances and grid connection conditions.
The developer will be responsible for all activities and costs to achieve these milestones prior to closing. The projects are expected to reach commercial operation date (COD) in 2024. Given the positive and predictable cash flows of these projects over the long term, Alternus expects to fully finance the acquisition and installation costs from the credit facilities provided at the project level.
Alternus’ EPC subsidiary, Unisun Energy BV, will install the projects and O&M subsidiary, Uper Energy BV, will provide operation and maintenance services.
These projects are in addition to the 35 MW Totana solar park acquired by Alternus last year, bringing the Company’s Spanish pipeline to 263 MW. The Totana project is expected to reach RTB in the fourth quarter of 2023.
Speaking about the transaction, Vincent Browne, CEO, said:
“This acquisition further demonstrates the success of our local partnership business model which supports our growth. Spain has one of the most mature solar markets in Europe with a high level of merchant and PPA projects offering several commercialization routes for this portfolio and future projects. We look forward to advancing our 263 MW pipeline in Spain to energy and contributing to Spain’s ambitious solar targets. »